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If you’re having a home built for you, you may be assuming your builder has all the insurance coverage you need. Under some circumstances, you’re correct, but before you check off that mental box and move on, you should confirm your contractor’s insurance policy.
Here are the items we’ll cover:
What does builder’s risk insurance cover?
How long does coverage last?
Do I need builder’s risk insurance?
Do I need a homeowner’s policy too?
Cost of builder’s risk insurance?
What does builder’s risk insurance cover?
Specifically designed to cover homes while they are under construction, typically covers theft and vandalism of the tools and equipment being used to build the house and the materials, including in some cases materials being held offsite for future use. This insurance doesn’t provide liability coverage or any protection for the home’s contents since there typically won’t be any personal possessions at the construction site, says Saine
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